1. 1 2013 Citi MLP/Midstream Infrastructure Conference August 2013

2. 2 Forward Looking Statement Disclaimer The following information contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of the partnership may vary from the results expressed in, or implied by, the following information, possibly to a material degree. The partnership assumes no obligation to update the information contained herein. For a discussion of some of the important factors that could cause the partnership’s results to differ from those expressed in, or implied by, the following information, as well as a discussion of certain other risks, uncertainties and factors, please see the sections “Item 1. Business - Risk Factors” in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2012.

3. 3 Executive Management Ryan VanWinkle Executive Vice President & Chief Financial Officer Boyd McGathey Executive Vice President & Chief Operating Officer Tod Brown Executive Vice President; President – Blue Rhino Steve Wambold President and Chief Executive Officer

4. 4 Meeting Agenda  Company Overview  Organizational Structure  Business Overview  Financial Performance

5. 5 Company Overview

6. 6 What is Ferrellgas Partners, L.P.  Founded in 1939 as a single location, family-owned business  In 1994, Ferrellgas Partners, L.P. became the first publicly traded propane master limited partnership (NYSE: FGP)  Engaged primarily in the distribution and sale of propane and related equipment and supplies  Serving residential, industrial/commercial, portable tank exchange, agricultural, and other customers in all 50 states, the District of Columbia, and Puerto Rico  2nd largest distributor of propane in the United States, including the largest national provider of propane by portable tank exchange nationally branded under the name Blue Rhino  Geographic diversity through approximately 924 propane distribution locations and more than 46,000 portable tank exchange locations nationwide  Industry consolidator with disciplined acquisition strategy

7. 7 Our History…Rich in the Propane Industry

8. 88 Our Key Brands…Well Established in the Market Traditional Retail Propane Business Tank Exchange Business Logistics, Risk Management and Wholesale Consumer Products Business

9. 9 Organizational Structure

10. 10  Ferrellgas, L.P. (the Operating Limited Partnership or “OLP”)  Owns all of the operating assets/cash flow of the propane business  Maintains working capital facility and other subordinated high yield bonds totaling approximately $942 million as of April 30, 2013  Maintains an AR Securitization facility with $116 million borrowed as of April 30, 2013  Ferrellgas Partners, L.P. (the Master Limited Partnership or “MLP”, together with the OLP it is referred to as the “Partnership”)  Publicly traded on the New York Stock Exchange under ticker symbol FGP  Owns all the limited partner interests of the OLP  $1.75 billion equity market cap – approximately 79 million common units  $182 million of high yield bonds outstanding (not guaranteed by OLP)  Ferrellgas, Inc.  General Partner of the MLP and OLP  Manages and controls the operations of the partnership  Ferrellgas employees work for this entity  Ferrell Companies, Inc. (FCI)  Owns 100% of Ferrellgas, Inc.  Owns approximately a 29% interest in the partnership (including GP interest) An Overview of our Organizational Structure

11. 11 Significant Management Ownership; 35% by Long-term Investors  29% employee ownership through ESOP  6% ownership by Chairman James E. Ferrell  Significant ownership in the partnership and parent company by executive management  General partner/ESOP structure aligns employee and investor interests Public 52,997,790 Common Units James E. Ferrell 4,358,475 Common Units Ferrellgas Partners, L.P. (NYSE “FGP”) Ferrellgas Inc. (“General Partner”) Employee Stock Ownership Trust (“ESOT”) 100% 1% (GP Interest) Ferrellgas L.P. (“OLP”) 1% (GP Interest) 99% Ferrell Companies, Inc. (“FCI”) 21,716,554Common Units 27% 67% 6% Stable, Long-term Ownership Base Common Unit Ownership percentages

12. 12 Business Overview

13. 13 Significant Recent Events  Sustained, historically warm nationwide temperatures and unstable wholesale propane prices caused significant change in the propane industry in FY12  Significant industry consolidation has occurred over the last year reducing the number of national providers  Organic growth opportunities through large scale mergers and increased sales and marketing  Internal focus on reducing overall cost structure in light of changing external environment  A market commitment to remove at least $20 million annually from our cost structure to help offset potential, future negative external business factors…we have achieved this goal!  Since spring of 2012, a significant decline in the wholesale cost of propane improving customer pricing, company margins and financial leverage  Financials and customer retention continue to show signs of improvement

14. 14 Significant Recent Events, cont’d  We anticipated seeing significant Adjusted EBITDA improvement in the first 9 months of the fiscal year…achieved despite warmer than normal temperatures  43% increase year to date April 30; 39% increase in the third fiscal quarter  Significant increase in Distributable Cash Flow coverage since the start of the fiscal year  Coverage at April 30 was 1.08x; trending higher  Improved financial performance brings financial leverage closer to historical norms  OLP financial leverage at April 30, 2013 was 3.56x  Full year FY13 Adjusted EBITDA guidance between $270 million to $275 million range  In the middle of this range, $272.5 million produces a DCF coverage of 1.13x

15. 15 Ferrellgas’ Keys To Continued Success  Capitalize on organic growth  Opportunities are at their peak resulting from large scale mergers and a challenging operating environment  Blue Rhino tank exchange volumes continue to grow through new strategic accounts and same store sales  Wholesale opportunities continue to present themselves through marketing  Expand through disciplined acquisitions  Fewer national providers means less competition for regional and local opportunities  A disciplined, experienced staff with more than 190 acquisitions since inception; operating systems designed for large scale growth  Capitalize on national presence and economies of scale  We have fully consolidated our traditional retail and Blue Rhino operations allowing for further cross marketing of our products to consumers  Our operating platforms are built for scale providing a competitive advantage when adding additional customers at the lowest marginal cost

16. 16 Keys To Continued Success (cont’d)  Achieve operating efficiencies through technology  Significant synergies have occurred over the last 12 months, made possible by our advanced technology platforms  Blue Rhino operation integration, improved optimization of traditional retail deliveries to consumers, back office consolidation, etc  More benefits to come…  Align employee interest with investors through employee ownership; only MLP with significant company-wide ESOP ownership

17. 17 Nationwide Footprint – A True Competitive Advantage

18. 18  Our Blue Rhino operations help to mitigate seasonality and provide a further catalyst for growth…propane and related products businesses  Significant operating synergies among our tank exchange operations and our traditional retail business  Blue Rhino tank exchange is the undisputed leader in brand awareness by customers – over 46,000 distribution locations nationwide  Tank exchange operations help to cultivate new National Account business Diversification Through Tank Exchange Market Number of Blue Rhino Retail Locations

19. 19 Significant Consolidation Opportunities Continue to Exist in Retail Propane Top 3 Propane Retailers Serve Just Over 30% of the Market

20. 20 Recent Acquisitions Ferrellgas continues to be active in the market with a keen eye for quality operations, achieving geographic and product diversity

21. 21 Financial Performance

22. 22 Extreme nationwide warmth significantly impacted retail sales in fiscal 2012 for the propane industry Historical Warmth Drove 2012 Performance

23. 23 Wholesale Propane Prices Didn’t Respond to Industry Demand in 2012 Near record wholesale propane pricing in the peak inventory build of fiscal 2012 put abnormal pressure on margins in light of industry demand

24. 24 Fiscal 2013 Results Reflective of More Seasonal Temperatures and Wholesale Pricing Thanks to a much colder Spring, nationwide temperatures were closer to normal in fiscal 2013 yet still 4% warmer than normal Wholesale propane costs down nearly 35% to prior year

25. 25 A Return to More Historical Financial Performance Fiscal 2013 sales volumes and margins more in line with historical performance…we continue to see opportunities for improvement through growth, customer retention and expense management

26. 26 Debt Maturity Schedule; Structured for the Long-Term Debt maturity schedule ($ in millions) ******* Actual amount depends on loan balance outstanding in the future Timely re-financings have materially reduced interest expense and re-fi risk…no debt maturities until fiscal 2017

27. 27 Our Path to Success Continues… Projecting a record Adjusted EBITDA performance in fiscal 2013; our 3 rd record performance in the last 5 years!

28. 28 Questions